Investor claims Foot Locker stock prices were artificially inflated

By Jenie Mallari-Torres | Mar 23, 2018

BROOKLYN, N.Y. (Legal Newsline) – A purchaser of Foot Locker common stock alleges that prices were artificially inflated.

The city of Warren Police and Fire Retirement System filed a complaint individually and on behalf of all others similarly situated on March 9 in the U.S. District Court for the Eastern District of New York against Foot Locker Inc., Richard A. Johnson and Lauren B. Peters alleging violation of federal securities laws.

According to the complaint, the plaintiff alleges that it and the class have suffered damages for paying artificially inflated prices for defendants' common stock as a result of the defendants making false and misleading statements. The plaintiff cites a class period of Aug. 19, 2016, to Aug. 17, 2017.

The plaintiff holds Foot Locker Inc., Johnson and Peters responsible because the defendants allegedly deceived the investing public regarding the company's business and prospects.

The plaintiff requests a trial by jury and seeks judgment against the defendants, determine class action, designate plaintiff as class representative and plaintiff’s counsel as lead counsel, award compensatory damages, interest, costs and expenses, counsel fees and expert fees, and equitable/injunctive or other relief as may be deemed appropriate by the court. It is represented by Samuel H. Rudman and Mary K. Blasy of Robbins Geller Rudman & Dowd LLP in Melville, New York and Thomas C. Michaud of Vanoverbeke, Michaud & Timmony PC in Detroit.

U.S. District Court for the Eastern District of New York case number 18-cv-01492

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